Economy Could Drown If Re Pool Isn't Created
Expect a fierce battle in Washington over the creation of some sort of federal reinsurance mechanism to back up private insurers in case of another major terrorist attack like the Sept. 11 destruction of New York's World Trade Center.
We commend the insurance industry for its quick action to formulate a compromise proposal from four different plans put forth by various insurance company associations. The result was a plan to create a state-chartered mutual reinsurer, Homeland Security, to cover property-casualty risks via two separate pools–one for personal lines, the other for commercial.
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